Antimagnetic, a well respected contributor over at my thread on the Kitco Forums provides some important CoT data that supports the suspicion that a bottom has likely formed. Small speculator positioning is back to mutli-month lows.
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Silver - Silver is in a Pinch, a Bollinger Band pinch. I don't think this condition will last very long, a pop out of this consolidation could start at anytime. Both sides of the bands were tested last week. The next QG3 cross-over is likely to spear head an impulsive run.
Price is still confined inside contracting range bound action, but a break-out could come very soon.
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Platinum - Price did in fact drop to back-test it's previous break-out providing a buy op. A rally back up to above 1734 should trigger a 'rule of 4' breach to the upside with a measured target of 2100ish. Price must keep above the orange break-out line or risk failure.
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GBP/USD - Candle patterns in the Weekly and monthly time frames are pointing up, targeting a zone between 1.5420 and 1.5825.
Another talented contributor over at the Kitco forums produces some very well crafted Elliot Wave counts. HoldemPlayer is a stickler for EW rules, which I greatly appreciate. His most recent EW count in GBP/USD also suggests a significant bottom is in place and projects a target up to 1.5800+ over the next several weeks.
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AUD/USD - Has moved up very nicely out of the ending diagonal pattern and hammer candle that was mentioned previously. My subscribers were able to take advantage of a buy zone between 1.0155 and 1.0215 before the price took off north to 1.0400+
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S&P500(SPX) - Some topping action could be triggered soon if this week closes below 1538.57. Otherwise, further consolidation above that level in the form of a triangle could produce yet another higher-high above 1563.62.
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Good Hunting this week,
Quad G
